XAG/USD Under Pressure as Dollar Rebounds Ahead of US Jobs Data
Silver trades 1.73% lower to around $60.95 on Thursday as a stronger US Dollar and profit-taking weigh on the metal ahead of the key US jobs report.
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Silver is facing renewed pressure on Thursday, with XAG/USD dropping 1.73% to trade near $60.95. The decline comes as profit-taking sets in following earlier gains and the US Dollar regains strength.
The US Dollar Index (DXY) advanced roughly 0.30% to hover around the psychologically important 100.00 level, making dollar-denominated silver more expensive for holders of other currencies.
The move in the dollar takes place ahead of the US nonfarm payrolls report, a data point that could sway Federal Reserve rate expectations and, in turn, impact precious metals.
Source: FXStreet Forex News